Economy of Martinique

The economy of Martinique is mostly based in the services sector. Agriculture accounts for about 6% of GDP and the small industrial sector for 11%. Sugar production has declined, with most of the sugarcane now used for the production of rum. Banana exports are increasing, going mostly to France. The bulk of meat, vegetable, and grain requirements must be imported, contributing to a chronic trade deficit that requires large annual transfers of aid from France. Tourism has become more important than agricultural exports as a source of foreign exchange. The majority of the work force is employed in the service sector and in administration.

Gross domestic product

GDP: real exchange rate - US$9.61 billion (in 2006)[1]

GDP - real growth rate: 2.8% (in 2006)[1]

GDP - per capita: real exchange rate - US$24,118 (in 2006)[1]

GDP - composition by sector:
agriculture: 6%
industry: 11%
services: 83% (1997 est.)

Demographics

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Labor force: 165 900 (1998)

Labor force - by occupation: agriculture 7%, industry 20%, services 73% (1997)

Unemployment rate: 27.2% (1998)

Budget:
revenues: $900 million
expenditures: $2.5 billion, including capital expenditures of $140 million (1996)

Industries

Industries: construction, rum, cement, petroleum refining, sugar, tourism

Industrial production growth rate: NA%

Infrastructure

Electricity - production: 1,205 GWh (2003)

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998)

Electricity - consumption: 1,000 GWh (1998)

Electricity - exports: 0 kWh (1998)

Electricity - imports: 0 kWh (1998)

Agriculture

Agricultural products: pineapples, avocados, bananas, flowers, vegetables, sugarcane

Exports: US$957 million (in 2005)[1]

Exports - commodities: refined petroleum products, bananas, rum, pineapples

Exports - partners: Mainland France 45%, Guadeloupe 28% (1997)

Imports: US$3,098 billion (in 2005)[1]

Imports - commodities: petroleum products, crude oil, foodstuffs, construction materials, vehicles, clothing and other consumer goods

Imports - partners: Mainland France 62%, Venezuela 6%, Germany 4%, Italy 4%, US 3% (1997)

Debt - external: $180 million (1994)

Economic aid - recipient: Martinique receives substantial annual aid from the French state.

Economics

Currency 1 euro (€) = 100 cents

Exchange rates: euros per US$1 – 0.9867 (January 2000), 0.9386 (1999); French francs (F) per US$1 – 5.65 (January 1999), 5.8995 (1998), 5.8367 (1997), 5.1155 (1996), 4.9915 (1995)

Fiscal year: calendar year

See also

References

  1. ^ a b c d e ‹See Tfd›(in French) INSEE-CEROM. "Les comptes économiques de la Martinique en 2006" (PDF). Archived from the original (PDF) on 2008-02-16. Retrieved 2008-01-13.

External links

2009 French Caribbean general strikes

The 2009 French Caribbean general strikes began in the French overseas region of Guadeloupe on 20 January 2009, and spread to neighbouring Martinique on 5 February 2009. Both islands are located in the Lesser Antilles of the Caribbean. The general strikes began over the cost of living, the prices of basic commodities, including fuel and food, and demands for an increase in the monthly salaries of low income workers.Stores and gas stations in the private sector, and public sector services including education, public transportation, and sanitation, were temporarily closed in Guadeloupe and Martinique due to the strikes. The strikes ended when the French government agreed to raise the salaries of the lowest paid by €200 and acceded to the strikers' top 20 demands.The strikes exposed deep ethnic, racial, and class tensions and disparities within Guadeloupe and Martinique and devastated the tourism industry of both islands during the high season. The islands were believed to have lost millions of dollars in tourism revenue due to cancelled vacations and closed hotels. Guadeloupe and Martinique had the second and third highest unemployment rates in the European Union as of 2007, according to Eurostat.

Coffee production in Martinique

Coffee production in Martinique dates to 1723 and its establishment is credited to the French naval officer Gabriel de Clieu. It later spread to other places in the Caribbean and South America from Martinique, an overseas region of France.

Distillerie Dillon

The Distillerie Dillon is in Fort de France in Martinique. It distills many types of rum from the locally grown sugar cane. It is powered by a Corliss steam engine that was built in 1922.

Martinique franc

The franc was the currency of Martinique until 2002. It was subdivided into 100 centimes. The French franc circulated, alongside banknotes issued specifically for Martinique between 1855 and 1961 and notes issued for Martinique, French Guiana and Guadeloupe (collectively referred to as the French Antilles) between 1961 and 1975.

History
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Economy of the Americas
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Greater Antilles
Leeward Antilles
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